Latest News- Onshore Wind Power Systems Market: Wind turbine is expected to lead the Technology segment during 2024-2028

The Onshore Wind Power Systems Market is being driven by Rising height and capacity of wind towers

The Onshore Wind Power Systems Market is expected to grow at a CAGR of 5.11% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 35.6 billion. The onshore wind power systems market is experiencing a notable shift towards the integration of digital technologies. By implementing Internet of Things (IoT) sensors and data analytics into wind turbines, operators can effectively monitor critical parameters in real-time, enhancing both the operational efficiency and safety of wind power systems. Predictive maintenance algorithms, which analyze data to identify potential issues before they escalate, minimize downtime and associated repair and maintenance costs. Furthermore, data analytics enables the optimization of energy output by detecting patterns and adjusting operational settings accordingly, thereby improving turbine performance and overall management of onshore wind power becomes increasingly data-driven and sophisticated. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Wind turbine
  • T and D
  • Others
• End-user
  • Electric power
  • Renewable energy
  • Oil and gas
  • Aviation
  • Others
• Geography
  • APAC
    • China
  • North America
    • US
  • Europe
    • France
    • Germany
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising height and capacity of wind towers
• Decreasing LCOE in wind energy
• Impact of wind energy on climate change mitigation

However, the market also witnesses some limitations, which are as follows:

• Issues related to land availability and proper sites to set up wind farms
• Competition from alternative sources of energy
• Intermittent nature of wind energy

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Market Scope in Onshore Wind Power Systems Market Research Report

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Research Analysis Overview

Title: Onshore Wind Power Systems Market: Grid Connectivity, Frequency Response, and Peak Power Management The onshore wind power systems market is witnessing significant growth due to the increasing demand for renewable energy and grid connectivity. With wind capacity expanding globally, ensuring system stability and frequency response is crucial. Demand response and power storage solutions are essential for integrating variable wind energy into the electric power grid. Mitsubishi Power Systems, Enercon GmbH, Vestas Wind System, Envision Energy, and other key players are investing in advanced technology, including peak power management, repower, and digitalization. Comprehensive data collection and reliable data analysis are essential for optimizing wind farm performance. Community-owned wind farms and remote monitoring systems are becoming increasingly popular. However, challenges such as aviation and oil and gas industries' concerns and the need for wind turbine technology advancements remain. Offshore wind farms offer potential for higher capacity, but their integration into the grid requires careful planning and consideration. The study of onshore wind power systems market trends, growth drivers, challenges, and opportunities is crucial for investors, policymakers, and industry stakeholders. The future of the onshore wind power systems market lies in digitalization, peak power management, and the integration of renewable energy into the electric power grid.

Market Research Overview

The onshore wind power systems market is a significant segment of the larger global renewable electricity market. This market encompasses businesses involved in the production and distribution of electricity derived from onshore wind sources. Key players include independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Additionally, manufacturers of raw materials and equipment used in the production of onshore wind power systems fall under this market. The expansion of the global renewable electricity market is propelled by supportive policies and ambitious targets for renewable power deployment, which have fueled a substantial increase in the adoption of renewables over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/